Should I Consolidate My Personal Debt Into A New Loan?
With interest rates at historical lows, it may make sense to consolidate some of your credit card and other personal debt into a new consolidated loan, typically a home-equity loan. Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years. Use this calculator to determine how quickly you could get out of debt and how much interest you might save.
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I have a interesting personal experience on consolidation.I did a consolidation a year ago and we dont regret it, but it presents some challenges. the biggest challenge is the fact you no longer have access to your credit cards, they expect you to stop using credit and that is very difficult. however I realized how much we need credit and we were almost addicted to credit, Now we have no option but to live with the cash we got from our proffesional activities and manage the Abstinence sydrom of not having access to credit.It was a wise decisin and now we expect to be debt free en 2 years. that wasnt an expectation before...
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